Laramide Resources Exits Kazakhstan Uranium Project Amid Nationalization Concerns
Laramide Resources has exited the Chu-Sarysu Basin uranium project in Kazakhstan due to concerns over nationalization and economic viability for foreign investment following legislative changes that bolster Kazatomprom's control over uranium resources. CEO Marc Henderson criticized these amendments as a potential setback for Kazakhstan, the world's largest uranium producer, amid growing demand for uranium as the country plans to expand its nuclear power capabilities.
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Laramide Resources has withdrawn from the Chu-Sarysu Basin uranium project in Kazakhstan, citing a lack of economic viability for foreign investment due to recent legislative changes that effectively nationalize uranium exploration. President Kassym-Jomart Tokayev signed amendments to the Subsoil Use Code on December 26, increasing Kazatomprom's ownership of newly discovered uranium resources.
Laramide's CEO Marc Henderson described these actions as a potential 'spectacular own goal' for Kazakhstan, which is the world's largest uranium producer. The company had signed an agreement with Aral Resources in September 2024, providing it with optionality on 22 subsoil use licenses. Henderson noted that Kazatomprom's declining resource base poses significant challenges for both the company and the nuclear industry, which is facing increasing demand for uranium as Kazakhstan plans to build nuclear power plants.
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